Archer-Daniels-Midland obtained an arbitral award under the auspices of the London-based Grain & Feed Trade Association (GAFTA), for $2.65 million plus interest and the costs of the arbitration. GAFTA contracts cover the vast majority of international grain transactions. This claim was against Malaysian animal feed provider TTH Global for payment under 10 different contracts for corn gluten meal.
TTH counterclaimed for late shipment, storage and short weight. The arbitrator upheld ADM’s claim in its entirety and rejected TTH’s counterclaims. Faegre Baker Daniels represented ADM in the arbitration.